Coinbase, the largest cryptocurrency exchange platform based in the United States, is best known for supporting many of the accredited cryptocurrencies. Recently, the company made an executive decision to support EOS as noted in an official press release published on May 30.
Cryptocurrency Token EOS now Supported by Coinbase
Apart from been one of the most progressive cryptocurrency trading platform, Coinbase is also a leading crypto wallet service provider. The new addition of EOS cryptocurrency will have a major impact on the industry and we expect to see more people invest in the digital asset in the coming weeks and months.
Reports indicate that the new addition is currently available for storage and trading in most of the areas that Coinbase is available except New York and United Kingdom at the time of writing. The press release also stated that no transaction fees associated with EOS token would be charged.
Instead, the cost is for computing resources such as tax on network bandwidth, CPUs, and RAM. The users who will be running the network will also get an opportunity to earn EOS by contributing to the computational power that is required to process and complete transactions.
Facts about Cryptocurrency Token EOS that You Should Know
The first thing that you should note is that EOS is the largest cryptocurrency in the world to be added to Coinbase exchange. At the time of writing, EOS market cap is estimated to be more than $8 billion. Two other cryptocurrencies that were added early last year in February, XRP and Ripple, are currently doing well in the market.
It seems that Coinbase is committed to expanding its coverage by increasing the number of cryptocurrencies traded on the platform. It will be remembered that the exchange platform recently added support of two major tokens that have gained a massive traction in the market, USD Coin (USDC) and stablecoins dai. This news comes at a time when the price of bitcoin is surging upwards at an unexpected rate.
In May this year, Coinbase stated that it was expanding its global offerings by offering trading support for more than fifty new jurisdictions as well as educational programs with small cryptocurrency payments. At the moment, Coinbase Earn is available in more than 100 countries.
More recently, Emilie Choi, the current Vice President of Business, Data and International at Coinbase confirmed reports that provision of a decentralized trading feature is not one of the exchange’s agenda at the moment.
When asked about the issue of compliance, Emilie Choi said:
“We have to make sure that if we offer a dex that we are doing it in a way that is safe and secure and compliant. I think that there is not a lot of clarify right now on how that would work. We think this space is interesting but we are not actively investing in it right at this moment.”
Coinbase is definitely one of the leading cryptocurrency exchange platforms and the new developments such as addition of cryptocurrency token EOS will boost its operations greatly. Read more about cryptocurrencies here.